Nitorum Capital L.P. Sells 54,051 Shares of Copart, Inc. $CPRT

Key Points

• Nitorum Capital L.P. reduced its stake in Copart, Inc. by 16.0%, selling 54,051 shares and now holding 284,375 shares, which represent approximately 2.3% of its investment portfolio.
• CEO Jeffrey Liaw sold 24,088 shares at an average price of $46.43, reducing his ownership by 43.31%.
• Copart reported $0.41 earnings per share for the last quarter, exceeding analyst expectations, while its revenue was $1.13 billion, slightly below estimates.

Nitorum Capital L.P. cut its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 16.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 284,375 shares of the business services provider's stock after selling 54,051 shares during the quarter. Copart makes up 2.3% of Nitorum Capital L.P.'s portfolio, making the stock its 21st largest position. Nitorum Capital L.P.'s holdings in Copart were worth $16,093,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cloud Capital Management LLC acquired a new stake in shares of Copart in the first quarter valued at $26,000. Sunbelt Securities Inc. acquired a new stake in shares of Copart in the fourth quarter valued at $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart in the first quarter valued at $36,000. Financial Network Wealth Advisors LLC increased its stake in shares of Copart by 152.6% in the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after buying an additional 473 shares in the last quarter. Finally, SouthState Corp acquired a new stake in shares of Copart in the first quarter valued at $45,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Stock Performance

CPRT traded down $1.40 during midday trading on Friday, reaching $48.57. 17,581,629 shares of the company were exchanged, compared to its average volume of 6,181,600. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38. The stock has a market capitalization of $46.96 billion, a P/E ratio of 30.36 and a beta of 1.03. The stock's 50-day simple moving average is $47.47 and its 200 day simple moving average is $52.73.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.Copart's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 EPS. On average, research analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the sale, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. This represents a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CPRT. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Robert W. Baird decreased their price target on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. Stephens decreased their price target on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday. JPMorgan Chase & Co. decreased their price target on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Finally, HSBC set a $62.00 price target on Copart and gave the company a "buy" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.